CIBI Campaign

What is a Credit Report? A Credit Education for Filipinos by CIBI Information Inc.

On our previous video, we provided an introduction on the credit score, its components and where it was obtain. Credit scores are derived from the credit report provided by the credit bureaus or Special Accessing Entities like CIBI.

You might now be thinking what a credit report is and why you should know what it contains? If Juan Dela Cruz, used his credit card or acquired a credit transaction from a financial institution, his record is called a credit history. And if Juan’s credit history was reported by several other sources (collection agencies, telecom companies, insurance agencies, cooperatives, micro-finance and government departments) these will be compiled and recorded as a credit report.

On our previous video, we provided an introduction on the credit score, its components and where it was obtain. Credit scores are derived from the credit report provided by the credit bureaus or Special Accessing Entities like CIBI.

You might now be thinking what a credit report is and why you should know what it contains? If Juan Dela Cruz, used his credit card or acquired a credit transaction from a financial institution, his record is called a credit history. And if Juan’s credit history was reported by several other sources (collection agencies, telecom companies, insurance agencies, cooperatives, micro-finance and government departments) these will be compiled and recorded as a credit report.

In the Philippines, Credit Information Corporation (CIC) is the central repository and the regulating body for all credit information complied and reported by the Submitting Entities. Special Accessing Entities like CIBI, on the other hand, were given a special function to structure, analyze and process this information in order to derive effective tools and provide value added services that can help the financial growth of every Juan Dela Cruz, small to large businesses and even the economy of the country, in general.

This is a step towards the development of a sustainable credit information exchange in the country and anchored to the national advocacy called Financial Inclusion. The concept of financial inclusion is to provide easy access to basic financial services (savings, payments and credit) that can make a positive difference in the lives of every Juan particularly those on the low income segments (unbanked) and those who live in towns or cities that has no present formal financial institution. We will discuss more about Financial Inclusion on our next video.

A credit report mainly contains your identifiable information, credit information for each account you hold, and inquiries from institutions who has requested a copy of your credit record.

Do you want to have a copy of your credit report? Have it by following these three simple steps: One, update your credit record with your Submitting Entity. Two, ensure that your Submitting Entity is compliant to the CIC. And, three, get your credit report from us! Visit our website for more info.

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